Options to Extend Sample Clauses
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Options to Extend a. Landlord hereby grants to Tenant two (2) options (singularly an “Extension Option” and collectively the “Extension Options”) to extend the term of this Agreement for additional terms of five (5) years each (singularly an “Option Period” and collectively the “Option Periods”), on the same terms, conditions and covenants set forth in this Agreement, except the monthly rental shall be adjusted as hereinafter provided. Each Extension Option shall be exercised automatically without providing any notice of extension unless Tenant provides written notice delivered to the Landlord that Tenant will not extend the Term of this Agreement at least one (1) year prior to the expiration of the Primary Term or the preceding Option Period.
b. Base Rent for the Extension Options shall be as set forth in Section 3.4 of this Agreement.
c. Notwithstanding the foregoing, any option to extend the Term of this Agreement shall be deemed null and void, at Landlord’s sole discretion, if one or more of the following has occurred:
1) Tenant has been late in the payment of Rent on three (3) or more occasions within any twelve (12) month period, after Tenant first receiving written notice from Landlord that Tenant was late in the payment of Rent for the first two occasions before a third late payment is to occur. For this purpose, a payment shall be deemed to be late if it is received by Landlord after the tenth (10th) day of the month in which such Rent is due.
2) Tenant is in default beyond any applicable cure period in the performance of any of its obligations under this Agreement at the time Tenant exercises any Extension Option, or at the time of commencement of any Option Period.
3) This Agreement has ever been assigned by Tenant other than as set forth in this Agreement.
d. Notwithstanding anything to the contrary contained in the Agreement, at any time after the ninth full year after the Commencement Date, Landlord may elect to terminate the Agreement for any reason or no reason by giving Tenant three hundred sixty five (365) days prior written notice of such election (“Notice”), such termination to be effective as of the date three hundred sixty five (365) days after the date of the Notice (the “Termination Date”). In the event of any termination of the Agreement by Landlord as provided herein, Landlord hereby reserves any and all rights and remedies available to Landlord under the Agreement, at law or in equity with respect to any past due amounts due from Tenant under the ...
Options to Extend. Provided no Event of Default under this Lease has occurred and is CONTINUING, TENANT shall have the right and option, exercisable by giving Landlord written notice at least nine (9) months prior to the expiration of the initial Term, to to extend the Lease Term for one (1) additional period of four (4) years (the "Extended Term") and, upon the giving of such notice, this Lease shall automatically be extended for such four (4) year period and no further agreement of extension need be executed. In the even that Tenant fails to give such notice to Landlord as herein provided, this Lease shall automatically terminate at the end of the then current Lease Term and Tenant shall have no further right or option to extend this Lease. The Extended Term shall be upon the same covenants, agreements, provisions, terms and conditions as during the original Lease Term except that the Annual Fixed Rent during the Extended Term shall equal the Fair Market Rent for the Leased Premises, but not less than the aggregate rent paid during the last year of the initial Term. The "Fair Market Rent" for the Leased Premises shall mean the rent for comparable space in a Class A mid-rise building in lower Bucks County for a new tenant entering into a new four (4) year lease and with the Operating Expense Allowance being adjusted to reflect the expense allowance used in calculating the Fair Market Rent. At least nine (9) months prior to the expiration of the then current Lease Term, Tenant may request Landlord to quote the Fair Market Rent effective for the first day of the Extended Term. If Tenant objects thereto, Landlord and Tenant shall negotiate for a period of thirty (30) days to determine whether the Fair Market Rent can be agreed upon. In the event Landlord and Tenant cannot agree on the Fair Market Rent within such thirty (30) day period, Landlord and Tenant shall mutually select a real estate appraiser (MAI or equal) knowledgeable of rents obtained in Class A mid-rise office buildings in lower Bucks County, Landlord shall submit to such appraiser the lowest Annual Fixed Rent which Landlord is willing to accept, together with any information with respect thereto that Landlord deems relevant and Tenant shall submit to such appraiser the highest Annual Fixed Rent which Tenant is wining to pay, together with any information with respect thereto that Tenant deems relevant, and the appraiser will then select which of Landlord's or Tenant's submissions most clearly reflect the Fair Ma...
Options to Extend. (a) Borrower shall have the option to extend (the “First Option to Extend”) the term of the Loan from the Original Maturity Date (for purposes of this Section, “Original Maturity Date”), to the First Extended Maturity Date, upon satisfaction of each and every one of the following conditions precedent in Lender’s discretion:
(i) Borrower shall provide Lender with written notice of Borrower’s request to exercise the First Option to Extend in the form attached hereto as Exhibit C not less than thirty (30) days and not more than one hundred twenty (120) days prior to the Original Maturity Date (which notice may be revoked by Borrower on or before the Original Maturity Date; provided Borrower shall pay all costs and expenses incurred by Lender in connection with such notice to extend).
(ii) As of the Original Maturity Date, no Default shall exist, and to Borrower’s knowledge no event or condition which, with the giving of notice or the passage of time or both, would constitute a Default shall exist, and Borrower shall so certify in writing.
(iii) Borrower shall execute or cause the execution of all documents reasonably required by Lender to exercise the First Option to Extend.
(iv) [intentionally omitted].
(v) If required by Lender, at Borrower’s sole cost and expense, the issuance by the Title Company, and Lender’s receipt, of any endorsements deemed necessary by Lender for attachment to the Title Policy, insuring the priority and validity of the Security Instrument.
(vi) Borrower shall have delivered evidence reasonably satisfactory to Lender that as of the Original Maturity Date the Property has achieved a Debt Yield of at least 8.0%; provided, however, in the event such required minimum Debt Yield is not achieved, then Borrower shall either (i) pay down the outstanding principal balance of the Loan by an amount (the “First Extension Debt Yield Shortfall Amount”) such that said minimum Debt Yield is met, or (ii) deliver to Lender an Acceptable Letter of Credit in a stated amount equal to the First Extension Debt Yield Shortfall Amount. Any principal balance reduction shall reduce Lender’s commitment by a like amount and may not be re-borrowed.
(vii) Lender shall have received, at Borrower’s sole expense, a written appraisal prepared in conformance with the requirements of FIRREA, as well as any other applicable rules and/or regulations from any and all applicable governmental authorities (subject to review and adjustment by Lender consistent with Lender’s st...
Options to Extend. Provided Tenant is not in default of this Lease beyond any applicable cure period and Tenant is open for business to the public in accordance with Article VII of this Lease, Tenant shall have the option to extend the Lease Term for one ( 1) successive period of five (5) years (the "Option Period"). The option to extend as to the Option Period shall be exercisable by written notice given to Landlord no later than one hundred eighty (180) days prior to the expiration of the Initial Term Tenant shall have no right to extend or renew this Lease other than for the aforesaid Option Period. Any cancellation or termination of this Lease shall terminate Tenant's right to the Option Period. Time is of the essence with respect to any exercise of the Option Period by Tenant. If Tenant timely exercises the option to extend as to an Option Period, the Lease Term shall be automatically extended upon all of the same terms and conditions except Fixed Rent and Percentage Rent shall be as set forth in Section 4.02 and Section 4.03 hereof. Notwithstanding the foregoing, Landlord may reject as invalid any notice attempting to exercise the foregoing option as to the Option Period or may cancel the Option Period within 30 days of its inception if Tenant is in default of the provisions of this Lease (i) on the date the notice exercising such option is received or (ii) on the date the Option Period commences, unless Tenant has cured such default or commenced such cure and is diligently prosecuting it to completion, within said thirty (30) day period.
Options to Extend. Two options of five years each. To exercise an option to extend, the Licensee shall provide written notice to the Licensor at least 90 days prior to end of the relevant Term.
Options to Extend. Provided there exists no uncured defaults under this Lease at the time Lessee exercises any option to extend (in accordance with this ARTICLE XXXIV), Lessee will have the right to extend this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "EXTENDED TERM"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in SECTION 34.2 below. In the event Lessee desires to exercise any option to extend granted in this ARTICLE XXXIV, Lessee shall give Lessor written notice ("NOTICE TO EXTEND") not more than three hundred sixty (360) days prior and not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then such option to extend and all future options to extend granted in this ARTICLE XXXIV shall be null and void and of no further force or effect.
Options to Extend. Tenant shall have the option to extend the term of this Lease for two, ten year periods, subject to the following provisions:
30.1.1 Tenant shall have no right to exercise an option: (a) during the period commencing with the giving of any notice of default and continuing until said default is cured, (b) during the period of time any Rent is due and unpaid, or (c) in the event that Landlord has given three or more notices of separate monetary or material non-monetary defaults, whether or not the defaults are cured, during the 12 months immediately preceding the exercise of the option.
30.1.2 The period of time within which an option may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise an option because of Section 30.1.1.
30.1.3 An option shall terminate and be of no further force or effect, notwithstanding Tenant’s due and timely exercise of the option, if, after such exercise and prior to the commencement of the extended term, (a) Tenant fails to pay Rent for a period of 30 days after such Rent becomes due, or (b) if Tenant commits a default under this Lease and such default is continuing after the expiration of the applicable cure periods set forth in Section 17.1.
30.1.4 Tenant shall exercise the option by delivery of written notice to Landlord not less than 12 months prior to the expiration of the initial term and, if exercised, the first option period, of this Lease. If said notice is not delivered within said time period(s), this option shall terminate.
Options to Extend. After the Initial Term, the City reserves the right, at its sole discretion, to extend the term of this Agreement for four additional one-year terms (“Option Periods") through March 31, 2028. City shall provide Contractor written notice in the form of Exhibit E of its intention to exercise its option prior to the end of the then current term.
Options to Extend. Tenant shall have two (2) option(s) to extend (the "EXTENSION OPTIONS") the Lease Term for consecutive five (5) year period(s) (the foregoing option term(s) shall be referred to hereinafter sometimes as the "EXTENSION TERM(S)"), by delivering a written notice of exercise to Landlord ("EXTENSION NOTICE") with respect to the applicable Extension Term, which Extension Notice may not be delivered earlier than the date which is eighteen (18) months prior to the end of the initial Lease Term or first Extension Term (as applicable) and may not be delivered later than the date which is thirty (30) days after the Reminder Notice. If Landlord has not received an applicable Extension Notice by the date which is twelve (12) months prior to the end of the initial Lease Term or first Extension Term (as applicable), Landlord may provide written notice ("EXTENSION REMINDER NOTICE") to Tenant that the Extension Option will expire if Tenant fails to deliver the Extension Notice to Landlord within thirty (30) days after the date of such notice from Landlord. If Tenant fails to deliver the Extension Notice within said thirty (30) day period, Tenant shall be deemed to have waived its right to exercise such Extension Option. The parties acknowledge that Tenant's Extension Option will not lapse until the date which is thirty (30) days after Landlord's delivery of the Extension Reminder Notice pursuant to this Section 2.
Options to Extend. Provided that Equinix, Inc., a Delaware corporation, or an Affiliate (as defined in Section 23.A. hereof) (said Equinix, Inc. or an Affiliate being hereinafter collectively referred to as "Equinix")
(i) is not then in default in the payment of any Rent due under this Lease and is not then in Default in the performance of any of its other obligations under this Lease, and (ii) has not been in Default more than once during the immediately preceding two (2) years of the Term, in each case both at the time of exercise of the Renewal Option, as hereinafter defined, in question, and at the commencement of the Renewal Period, as hereinafter defined, in question, and is then in occupancy of the Premises at the time of exercise of the Renewal Option, as hereinafter defined, in question, and at the time of the commencement of the Renewal Period, as hereinafter defined, in question, Equinix shall have three (3) successive options (the "Renewal Options") to extend the Term of the Lease, each for a successive additional five (5) year period (the "Renewal Periods") after the expiration of the Initial Term. Each Renewal Option shall be exercisable only by written notice given by Equinix to Landlord not later than twelve (12) months, nor earlier than fifteen (15) months, prior to the expiration of the initial Term, or the Renewal Period then in effect, as the case may be. In the event that Equinix does not timely exercise a Renewal Option, said Renewal Option and all successive Renewal Options shall be null and void and of no further force or effect, time being of the essence in the exercise of each Renewal Option and it being acknowledged and agreed by Equinix that Landlord shall be entitled to rely on any failure by Equinix to give written notice of its exercise of its Renewal Option by the date set forth herein for such exercise thereof. All terms and conditions of this Lease shall be applicable during the Renewal Period except that the amount of Base Rent charged for each Renewal Period shall be the then "Prevailing Market Rent", which shall be the rent for comparable space in comparable buildings in Loudoun County, Virginia; provided, however, that in no event shall the Prevailing Market Rent determined as aforesaid be deemed to be less than the Base Rent payable under this Lease during the Lease Year immediately preceding the first Lease Year of the Renewal Period. If within thirty (30) days following delivery of Equinix's notice, Landlord and Equinix have not mutua...